Few people can accurately predict how long they'll live. While it's not something many Utahans enjoy thinking about, everyone needs to plan for their final expenses. Life insurance offers an excellent way to ensure that the necessary funds are available when your family needs them. It may also provide other valuable financial benefits.
Burial and funeral service expenses continue to rise each year. Families spend an average of over $7,000 on funerals. The cost of this service went up almost 400 percent in 30 years, so it's vital to plan for a greater expense in the future. In Utah, a medical examiner's fee may also be required.
Some individuals transport cremation urns long distances because they desire to scatter the ashes in special locations. For instance, you might want someone to release your ashes in your hometown or a place you enjoy visiting. Families often incur significant travel expenses in the process.
In addition to covering the above-mentioned costs, insurance payments can compensate for lost income. Family members may not be able to work while they arrange a funeral and mourn a loved one's passing. These funds also help a spouse and children afford living expenses as they adapt to a smaller household income.
Some policies accumulate cash value. This allows you to use the insurance as collateral if you need to borrow money. You can also withdraw the cash value or use it to pay monthly premiums in a financial emergency. Some withdrawals can be made without paying taxes. These benefits enhance your fiscal security in several ways.
Christensen Insurance Group is an independent, local agency in Utah. Since the early 1950s, we have offered dependable coverage to Utah residents. You can rely on us to compare life insurance plans from major insurance companies and identify an economical policy with the amount of coverage you prefer. Please dial 801-565-1400 or visit Christensen Insurance Group in Sandy, Utah